Just compare the scenes where the Velveteen Rabbit sees the real rabbits for the first time. What a difference!
Apparently there's a third, new version, with illustrations by Charles Santore, but unfortunately it's not available at my library, so I can't comment on it. Has anyone seen it?
In any version, however, this classic story of "how toys become real," as the subtitle says, is still a great (and quick) read-aloud.
Are there any books you'd like to mix-and-match? Perhaps a classic you'd like to see newly illustrated?